LOOK AHEAD: Eurozone Timeline of Key Events (All Times in GMT)
| Date | Time | Country | Event |
| 23-Nov | 0745 | FR | Manufacturing Sentiment |
| 23-Nov | 0815 | FR | S&P Global Services/Manufacturing PMI (p) |
| 23-Nov | 0830 | DE | S&P Global Services/Manufacturing PMI (p) |
| 23-Nov | 0900 | EU | S&P Global Services/Manufacturing/Composite PMI (p) |
| 24-Nov | 0700 | DE | GDP (f) |
| 24-Nov | 0800 | ES | PPI |
| 24-Nov | 0900 | DE | IFO Business Climate Index |
| 24-Nov | 1000 | EU | ECB's Lagarde participates in Future Europe event |
| 24-Nov | 1300 | EU | ECB's De Guindos remarks and Q&A |
| 24-Nov | 1400 | BE | BNB Business Sentiment |
| 27-Nov | 1400 | EU | ECB's Lagarde statement at ECON hearing |
| 28-Nov | 0700 | DE | GFK Consumer Climate |
| 28-Nov | 0745 | FR | Consumer Sentiment |
| 28-Nov | 0900 | EU | M3 |
| 28-Nov | 1830 | EU | ECB's Lane lecture on Macroeconomic policy |
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EUROZONE ISSUANCE: EGB Supply - W/C 23 Oct, 2023
The Netherlands, Germany, Italy and Finland are all still due to issue this week while the EU and Belgium came to the market yesterday. We pencil in gross nominal issuance of E19.9bln, down from E51.1bln last week.
- The Netherlands will come to the market for the second time in October today with the 10-year 2.50% Jul-33 DSL (ISIN: NL0015001AM2) on offer for E2.0-2.5bln.
- Also today, Germany will look to sell E4bln of the 2.40% Oct-28 Bobl (ISIN: DE000BU25018).
For more on this week and next week's supply, see the PDF here:
BTP TECHS: (Z3) Corrective Bounce
- RES 4: 113.69 76.4% retracement of the Aug 24 - Oct 4 bear leg
- RES 3: 112.53 61.8% retracement of the Aug 24 - Oct 4 bear leg
- RES 2: 111.59 50.0% retracement of the Aug 24 - Oct 4 bear leg
- RES 1: 109.51/111.17 20-day EMA / High Oct 12 and key resistance
- PRICE: 109.07 @ Close Oct 23
- SUP 1: 107.42 Low Oct 19
- SUP 2: 107.08 2.236 proj of the Jun 26 - Jul 11 - 19 price swing (cont)
- SUP 3: 106.40 2.382 proj of the Jun 26 - Jul 11 - 19 price swing (cont)
- SUP 4: 105.85 2.50 proj of the Jun 26 - Jul 11 - 19 price swing (cont)
BTP futures traded to a fresh cycle low last week as the contract extended the reversal from 111.17, the Oct 12 high. Price has pierced key support at 107.62, the Oct 4 low. A clear break of this level would confirm a resumption of the long-term downtrend and open 107.08, a Fibonacci projection. 111.17 marks the key resistance. Clearance of this level is required to highlight a possible short-term reversal. For now, gains are considered corrective.
USDJPY TECHS: Bulls Remain In The Driver’s Seat
- RES 4: 151.95 High Oct 21 and a major resistance
- RES 3: 151.09 2.764 proj of the Jan 16 - Mar 8 - Mar 24 price swing
- RES 2: 150.40 2.618 proj of the Jan 16 - Mar 8 - Mar 24 price swing
- RES 1: 150.16 High Oct 3 and the bull trigger
- PRICE: 149.73 @ 06:34 BST Oct 24
- SUP 1: 149.21/147.43 20-day EMA / Low Oct 3 and key support
- SUP 2: 146.44 Low Sep 12
- SUP 3: 145.91 Low Sep 11
- SUP 4: 144.45 Low Sep 1
USDJPY remains in consolidation mode and continues to trade just below its recent trend highs. The trend outlook is bullish and moving average studies continue to highlight positive market sentiment. Attention is on the 150.00 handle and the recent 150.16 high (Oct 3). A clear break of 150.00 would reinforce bullish conditions and open 150.40, a Fibonacci projection. Key support to watch is 147.43, the Oct 3 low.
